Nirmala Sitharaman : Global framework necessary to control crypto currency

Finance Minister Nirmala Sitharaman has said that there is a need for a global framework to regulate crypto as it can be used for anything from illegal money transactions to financing terrorism. No country can regulate it alone. All countries have to come together then only crypto can be regulated.

Regulating this would require a lot of skilled technology. Finance Minister Sitharaman is in the US these days to attend the International Monetary Fund (IMF) and World Bank meetings.

In a seminar organized by the IMF, Sitharaman said that India is not against block chain technology as it is being used for the benefit of society, but crypto is an uncontrolled matter. Many countries have brought protocol technology solutions to regulate crypto and India needs it too.

Finance Minister said that inflation has increased across the world and in India too, inflation has reached 6.9 percent and of course the burden of inflation is falling on the common man, which is a challenge for us. However, inflation in India has not increased as much as elsewhere.

She said that the Indian economy is rapidly going digital. Fintech is expanding rapidly in India. In such a situation, bringing a Central Bank Digital Currency (CBDC) is a natural process. He said that payments can be made in each other country also through CBDC. Payment can be made on time. CBDC has been announced in the budget this year and the Reserve Bank is preparing to introduce CBDC.